Revitalization Commission Agenda and Packet 2012 10 22

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2018 — 2033 25% of all Property Tax TIF remaining after payment of other obligations (ii) That, subject to Section 2.d below, the total of all payments made according to this Section is limited to $1,300,000 or until the Urban Renewal Plan, including the Property Tax TIF provision thereof, is terminated or expires, whichever comes first. (iii) That commencing upon completion of the Project, as determined by the advertised date of final settlement, the LRC shall pay interest on the unpaid balance of its contribution to the Project based on the City of Louisville's average annual rate of return of total cash and investments for the previous twelve months, which rate shall be updated annually. (iii)(iv)That the LRC may prepay at any time without penalty any amounts payable under this Agreement, and may make payment with any source of funds available to the LRC. d. The total estimated cost for the Project is $2,900,000 (Estimated Cost), which the parties intend to be funded partially by the City Storm Wwater fund, for storm water improvements within the Project that are attributable to such fund (estimated at $300,000), with and remaining project costs to be shared equallyeaeli by the LRC Special Fund and City Capital Improvements Fund (each share estimated at $1,300,000). The City Storm Water fund shall pay all actual costs for storm water improvements within the Project that are attributable to such fund. In the event actual Project costs are more or less than Estimated Costs, the City and LRC shall share equally (i.e., 50% each) the amount by which the actual costs are below or above the Estimated Cost, exclusive of storm water improvements costs. e. There shall be provided to the LRC for its review and approval any design change or construction change order that is estimated to result in an increase or decrease in Project costs of more $130,000 or more. The foregoing shall not apply to design changes or construction change orders concerning only storm water improvements. fe. In the event any third -party funds are received for the Project, one half of the amount of such third -party funds shall be applied as a principal reduction of the LRC's contribution to the Project. Upon request of the LRC, the City agrees to give reasonable consideration to subordinating its rights under this Agreement to the Payment of Pledged Revenue to any bonds, loans, advances, indebtedness, or other obligation of the LRC. hg. The Parties shall each keep, or cause to be kept, proper and current books and accounts in which complete and accurate entries shall be made of the amounts deposited into and paid out from the Special Fund and Capital Projects Fund for the Project.